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What is needed to apply for SBA loans to buy an existing business

I already register my business as LLC, have EIN number. I apply for Sales Tax
ID still pending. I thought starting a business was the way to go until I
read on SBA web site that buying an Existing Business is the best way. All I
need help is how to obtain SBA loans.
I contact my bank but nobody is available to answer my questions and when I
do contact customer service they keep transferring to another department. I
don't have the funds to put down as a down payment. I even contact someone
from Score and gave me the same information I already know. I done research
on what type of business and there are couple for sale. I want to obtain a
SBA loan up to $350,000 or less to help with Legal Fees, Accountant fees and
to purchase the business. The existing business does show cash flow. I even
started a business plan. I even apply for D&B Duns number where the
company still yet to issue a Duns number. I even paid for small business
starter and D&B bradstreet corp haven't issue my company Duns number.
All I need is information on what steps to start a SBA loan application and
are there small business loans that would be approved if provide the business
financial records such as 3-5 years tax returns, Profit and Loss sheet.
Would someone kindly provide new information on putting me on the right path.

dreamlenders | Window Shopper |
4/4/2013 - 8:27 pm

BizResearcher | Window Shopper |
4/2/2013 - 11:33 am

One thing to be aware of is that no lender will give you 100% of what you
need. You need to have enough money on hand to cover about 20% of costs. A
business owner is expected to be personally invested in their business. You
may want to contact a counselor at a small business development center or a
SCORE office in your area. Their services are free and they can advise you on
how to proceed.

JGabriel | Community Moderator |
4/1/2013 - 6:06 pm

This blog provides tips for successfully navigating the SBA loan application process and this blog provides guidance on finding small business-friendly banks. You may also wat to reach out&nbsp;to a mentor who could offer you specific guidance.

Elisa2013 | Window Shopper |
3/31/2013 - 7:37 am

frank.cordova2 | Window Shopper |
4/3/2013 - 12:04 am

Show Replied Text…

i am starting a small business , i am unemployeed, i dont have a good credit how can i get a credit card or small loan. i am disable veteran.

At all costs, stay away from credit dept to start a business. To add to the
last comment. If you are a minority also request information and assistance
from the MBDA (Minority Business Development Agency).

JGabriel | Community Moderator |
4/1/2013 - 6:17 pm

Show Replied Text…

i am starting a small business , i am unemployeed, i dont have a good credit how can i get a credit card or small loan. i am disable veteran.

This blog can provide some insight on how business owners with poor credit scores can obtain loans:&nbsp;http://www.sba.gov/community/blogs/community-blogs/small-business-cents/loans-business-owners-with-poor-credit-scores&nbsp;
You may also want to explore the Patriot Express loan.&nbsp;Your local SBA district office has a listing of Patriot Express lenders in your area.
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